Elan Corporation, plc (NYSE: ELN) today provides an update to the market
post the February 6, 2013 announcement regarding the restructuring of
the Tysabri® collaboration with Biogen Idec (NYSE: BIIB). As previously announced,
under the terms of this agreement, Elan will move from the current 50:50
business collaboration to an upfront payment of $3.25 billion and a
double digit tiered royalty structure for the life of the complete
Tysabri asset.

Mr Kelly Martin, CEO commented, “Understandably, many market
participants are looking forward to further clarity around how we intend
to deploy the significant upfront payment we will be receiving from
Biogen Idec upon the close of our transaction. The goal of this
communication is to provide additional information